The India-based fantasy sports platform has announced that its valuation has surpassed $1 billion, following a new investment. Dream 11 is a fantasy sports service that hosts cricket, NBA, soccer and other sports content on its online platform. Its new valuation came after a secondary sale that involved the transfer of a small amount of stock.
According to Dream 11, Steadview Capital (Hong Kong based asset management firm) purchased an undisclosed amount of shares from existing investors Kalaari Capital (Indian tech-focused VC), Think Investments and Multiples Equity. Steadview is well-known as an early backer of the Indian Uber’s competitor, Ola. “We at Steadview believe that Dream11 is poised to become the leading sports company in India catering to everything a sports fan needs. We think very highly of the visionary founders and are excited to partner with the team in this journey. The company’s phenomenal growth track-record, dominant leadership in daily fantasy gaming and strong engagement metrics is a testament to the consumer love for the platform,” said Ravi Mehta, Steadview Capital’s managing director.
As India’s Economic Times reports, the deal is worth around $60 million, valuing Dream11 at $1 -1.5 billion. Based on those figures, Dream11 has jumped from its previous $500 million valuation that the company reported last September.